Inditex, owner of Zara, will hold a shareholder meeting on July 19. Not only will it be remembered as the last meeting presided over by Galician CEO Amancio Ortega, but also for naming Pablo Isla as his replacement. Isla should become the best paid CEO in Spain.
He will be rewarded with a substantial shareholder bonus equal to 13.7 million euros, recognizing his faithfulness and newly acquired workload.
According to decisions made yesterday by the Comisión Nacional del Mercado de Valores (CNMV), Inditex has approved Isla?s incentive plan. It consists of a bundle of 221,264 shares of treasury stocks held by the company.
The plan is going to be approved unless there is some surprise owing to the fact that Amancio Ortega is the company?s major partner, it?s not subject to any permanency clause or any other conditions. With his new titles, Isla will account for 0.058% of Inditex?s capital.
With his move, Isla?s salary will increase along the lines of other CEOs who have help top positions in recent year. His will likely be between the seven million that Santander delegate Alfredo Sáenz earns or close to the eight million of Telefónica president César Alierta.
